
Biddeford, ME Reveler Development, and its property management division, Port Property, have begun preleasing at their newest multi-family community – The Eddy.
Scheduled to open for occupancy on March 1, 2025, The Eddy will feature 250 residential units, making it Reveler’s most expansive community to date as well as the company’s third multi-family development in the city. Located at 8 Eddy Ave. (formerly 60 Barra Rd.), The Eddy provides its future residents with a unique residential setting, one designed to inspire indoor-outdoor living. A fully amenitized, modern apartment community, The Eddy is near downtown and the Saco River while located amongst the trees on a quiet street. The Eddy’s location informed its name and interiors – pulling from the area’s immediate surroundings, its connection to the Eastern Trail, and proximity to the seacoast.
“We’re excited to announce this next milestone at The Eddy with the opening of preleasing,” said John Laliberte, CEO of Reveler Development. “This marks major progress in bringing a new, distinctive offering to the area and continues Reveler’s commitment to strengthening and supporting the growth of Biddeford. The Eddy was designed to celebrate what makes this region special with its focus on indoor-outdoor living and its proximity to all downtown has to offer. We look forward to welcoming future residents of The Eddy home later this year.”
Spanning a variety of studio and one-bedroom floor plans, The Eddy will feature sophisticated interiors with open-concept layouts, stainless steel appliances, quartz and granite countertops, and matte black fixtures. The Eddy’s amenity list includes an oversized courtyard complete with fire pit lounges, a bocce court, dining and grilling patios, and table games. On the ground floor of the building, The Eddy will provide residents with amenities, including a “Full Swing” golf simulator, yoga studio, fitness center, game room, theater, library, sunroom, pet wash, and package room.
Alongside Reveler Development, The Eddy’s project team is comprised of Porta Capital Partners, Market Square Architects, and Penobscot General Contractors. Following preleasing, The Eddy will be managed onsite by Port Property.
The Eddy is scheduled to open its doors for occupancy on March 1st, 2025.
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.